Paraplanners will be guided through the ‘minefield’ of major changes to data protection laws via an online seminar on Wednesday.

The General Data Protection Regulation rules take effect on 25 May.

The Federation of Small Businesses released a report this morning showing that 33% of small companies have failed to start preparing for the introduction of GDPR, while a further 35% are only in the early stages of preparations.

Financial Planners recently told Financial Planning Today magazine that GDPR will be their ‘greatest challenge’ this year and is bigger than many have anticipated.

Read the article in full HERE.

While laws on data protection law are nothing new, the GDPR extends and bolsters what companies must do, raising the bar in certain respects, giving consumers the right to know much more about how their information is used and stored. Crucially, firms could face heftier fines and punishments for non-compliance.

A Paraplanners Howwow this week will help professionals get to grips with the changes and navigate through the ‘minefield’. 

The webinar has been set up for those “still trying to work out what GDPR means for you and your business”, with “lots of questions floating around” still, organisers said.

It takes place on Wednesday 28 February at 1pm.

Data law expert Chris Davies, who has 26 years of experience in the retail financial services sector and founder of Engage Insight, will lead the session and look at elements such as exploring what the PECR is.

 He will discuss:

• The lawful basis for processing personal data
• How does this affect your business - Case study 
• '#RegTech' and solutions to become and remain compliant

Participants will have a chance to ask questions and the session is free.

Planners recently told FP Today magazine how they were approaching GDPR.

Keith Churchouse FPFS Chartered FCSI, Chartered and Certified Financial Planner, director of Chapters Financial in Surrey, said GDPR was “bigger than many anticipate”.

Tamsin Caine, Chartered and Certified Financial Planner, head of Financial Planning at Smart Financial in Altrincham, said: “I think that GDPR will prove to be the greatest challenge for Financial Planners this year. While MiFID II has been more immediate, the changes being introduced under GDPR are considerable and will involve a lot of preparation.”

See the full article HERE.